Willard joins the company with an extensive track record of leadership across several biotech entities, including NRx Pharmaceuticals, Cellphire, and Flamel Technologies. His appointment marks a formal transition from Than Powell, who has served as interim CEO since September. Powell will remain with Longeveron to focus on ongoing business development initiatives, according to the company.

Strategic Leadership and Compensation

The leadership transition includes a structured compensation package designed to support the company’s immediate liquidity. Willard’s $500,000 annual base salary will initially be subject to a 50% deferral. Longeveron expects this deferral period to be temporary, characterizing the move as a measure to support the firm’s financial needs during the transition.

In addition to his base pay, Willard’s incentive package emphasizes long-term performance through significant equity grants. The board has approved several awards:

• An initial grant of 200,000 shares of common stock.
• 200,000 restricted stock units (RSUs).
• Options to purchase an additional 200,000 shares.

These equity components are scheduled to vest quarterly over a four-year period. By aligning executive compensation with long-term growth, Longeveron aims to solidify its position as it navigates the complex landscape of cellular therapy development.